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...$2.00 diluted share for first quarter 2005 versus a loss of $0.07 per diluted share for first quarter 2004. Excluding the items described in the following paragraph for both periods, first-quarter 2005 earnings were $1.92 per diluted share, while first-quarter 2004 earnings were $0.52 per diluted share. For reconciliation to reported earnings per diluted share, see Table 8 in the accompanying first-quarter 2005 financial tables.
Included in the results for first quarter 2005 were asset impairments and restructuring charges of $9 million, a net deferred tax benefit of $12 million to recognize the expected utilization of capital loss carryforwards and other operating income of $2 million. First-quarter 2004 results included asset impairments and restructuring charges of $67 million.
"Improvement in operating performance throughout the company led to the best quarter of earnings and revenue in Eastman's history," said Brian Ferguson, chairman and CEO. "These results affirm the many actions we have taken over the last several years to improve the company's profitability."
(In millions, except per share amounts) 1Q2005 1Q2004
Sales revenue $1,762 $1,597Sales revenue excluding restructured,
divested and consolidated CASPI product lines* $1,762 $1,423Earnings (Loss) per diluted share $2.00 ($0.07)Earnings per diluted share excluding asset
impairments and restructuring charges, net
deferred tax benefit, and other
operating income* $1.92 $0.52Net cash provided by operating activities...
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